Well, I did what they said...
I began migrating all my Coinbase merchant pay buttons on my website to their new Coinbase Commerce site buttons as the Coinbase Merchant option will be closing for new orders on April 30, 2018 and May 31, 2018 being when they pull the plug completely on that option.
Although it is a bit of work, it is better as they are now accepting BTC, LTC, ETH and BCH as payment options as opposed to just BTC. I like that flexibility as I prefer LTC for commercial transfers and sales... but there is something that is tough for me to swallow at this time.
Withdrawals are limited to transfers to a JAXX Wallet
Now this is not a problem for me as I use JAXX quite a bit as the ShapeShift feature has been a great tool for my business so far. But they ask you to pair your JAXX with your Coinbase Commerce account... this is where the issue I see is.
They want you to pair it using your JAXX Wallet recovery phrase!
Well that ain't going to happen, never the two shall meet, as that recovery phrase is your private key... Hey Coinbase, what don't you get about the word PRIVATE. Now some of you may not see anything wrong with it... but I do and hope they fix this soon.
Now in all fairness, they do state that they will have withdrawal features soon; "Withdrawal functionality is coming soon. To withdraw funds immediately, import your recovery phrase into a third-party wallet such as Jaxx." - Coinbase
Now I found this today as I just got my first two orders through this option and as I do not keep any funds on Coinbase, I went to immediately withdraw to cold storage. Well I was a bit surprised,but aren't we all when it comes to any exchange or crypto for that matter.
So they tell us to hurry and migrate, yet they do not follow their own advice and delay applying necessary services they promised.
OK Next on the whining list
They came out with a report in "Techcrunch" a while back in October of 2017, that they would have Instant pay from Bank Accounts, but available to only 15,000 of their users, unless you do it by credit card.
Well I guess I am not in that 15,000 number as I went to buy some LTC today, and I got it... the 3 -5 day spiel: "We expect your purchase to be completed by March 21, 2018. We will send you another confirmation when your purchase is completed."
I am done whining
Won't do any good anyway, we are in new and dynamic times... but there is no reason to forget security just to be faster in settlement times. And I believe I still got my LTC for a good price and expect it to increase substantially from here.
This is just a heads up for anyone that needs to make the migration as well.
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Image Credit: techcrunch